Vancouver, BC / ACCESSWIRE / September 16, 2014 / Durango Resources Inc. (the "Company" or "Durango") is pleased to report that follow up exploration on recently discovered gold mineralization (NR July 23/14) giving values of 7.6 and 6.24 g/t in chip/channel samples on the Decouverte (Discovery) property in northern Quebec will commence in the next few weeks. The exploration will be focused on expanding the gold mineralized area into areas along the contact where un-sampled quartz veining has been noted over at least a 500 m strike length. The follow-up Decouverte work program will complete systematic sampling testing the veins along the contact zone not sampled in earlier exploration.
To finance this follow up work, Durango has arranged a non-brokered, private placement, of up to 714,285 units at seven cents per unit for gross proceeds of up to $50,000 with Societe d'investissement dans la diversification de l'exploration (SIDEX) of Quebec, to be used solely for the Decouverte exploration program. SIDEX is participating in the placement under its "Field-Action 2014" program.
The mission of SIDEX is to invest in companies engaged in mineral exploration in order to diversify Quebec's mineral base and open new territories to exploration and investment. "Field Action 2014" is a $3-Million financing program launched in the spring by SIDEX to encourage junior mineral exploration companies to pursue field work during the summer and fall 2014, employ young professionals and service companies and make way for new discoveries.
The Private Placement will consist of 714,287 common shares at $0.07 (seven cents) and 245,200 common share purchase warrants at $0.10 (ten cents) exercisable for two years from the date of closing of the private placement. The closing of the private placement is subject to certain conditions, including but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
Marcy Kiesman, CEO, states, "I look forward to getting company personnel and contractors back to the Decouverte property to follow up the gold mineralization located in June and to further evaluate the rest of the property, especially strongly altered / mineralized quartz-sericite schists, for other gold mineralization. We appreciate the confidence shown by SIDEX by their investment in Durango and look forward to working with them."
The technical information in this news release has been reviewed and approved by Peter Dimmell, P.Geo., (NL, ON, QC), a "Qualified Person" as defined in National Instrument 43-101.
About Decouverte
The Decouverte property of approximately 5,600 hectares covers a synclinal fold nose of Archean units transected by a major NE trending shear zone in the Frotet-Evans greenstone belt. Durango carried out a helicopter borne DIGHEM EM/magnetic airborne geophysical survey on the property in 2011 (NR Nov 24, 2011) and soil geochemistry and prospecting covered target areas identified in the airborne survey in 2013. The geological setting is mainly mafic volcanics (basalts/andesites) cut by granitic units with significant iron formation units noted. Strong alteration including silica, sericite and iron carbonate is noted. Significant soil values included 174 ppb Au, 0.66 ppm Ag, 150 ppm Ni, 200 ppm Cu and 240 ppm Ba. Chip/channel rock samples gave values of 7.6 g/t Au and 6.24 g/t Au hosted in mafic volcanics, in the recently discovered contact area. The property is located 100km north of Chibougamau, Quebec and benefits from favorable infrastructure including road accessibility, being 10 km from Route du Nord, and a power line which bisects the property.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company has a 100% interest in the Decouverte and Trove gold properties in the Abitibi of Quebec, the McGillivray base metal property in British Columbia, the Albany Spurs graphite property in northeastern Ontario and the Buckshot graphite property near the Miller Graphite mine in Quebec.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900
Facsimile: 888.266.3983
Email: [email protected]
Website: www.durangoresourcesinc.com
Forward-Looking Statements
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, obtaining financing, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties, as it relates to Durango, please refer to the Company's Prospectus filed on its SEDAR profile at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Durango Resources Inc.